Ann: SALE AND RECAPITALISATION OF TEN, page-6

My impression is that shareholders will get nothing, but happy to be proven wrong.

"CBS will refinance Ten's existing debt, including a $200 million loan to Commonwealth Bank and guarantor fees of about $30 million owed to James Packer, Mr Murdoch and Mr Gordon, and will implement a deed of company arrangement, according to KordaMentha. Creditors will be given the chance to vote on the deal at the second creditors' meeting."

They mention creditors only, nothing about shareholders.